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HomeNewsInternational NewsFox registers strong revenue in Q2; matches analysts’ estimate of USD 8.5 billion
Thursday, 07 February 2019 05:51

Fox registers strong revenue in Q2; matches analysts’ estimate of USD 8.5 billion

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Matching analysts’ estimates of USD 8.5 billion, the Rupert Murdoch’s 21st Century Fox (Fox) mopped up same amount of revenue in Q2. 

Fox said: “This increase principally reflects higher affiliate revenues reported at the cable network programming and television segments and higher advertising revenue reported in the television segment partially offset by lower home entertainment revenue reported at the filmed entertainment segment. The impact of foreign exchange rates adversely impacted revenue growth by approximately $195 million, or 2 per cent in total.”

Fox said that it hopes the deal regarding the acquisition by Disney closing in the first half of calendar 2019.

There was 4% spike in its cable network programming revenue reaching to $4.562 billion. While the domestic cable revenue increased by 7 per cent, international cable revenue declined 5 per cent. 11 per cent local currency growth at FNG International and Star adversely impacted international affiliate revenue. While the company saw cable network programming expense increase 7 per cent to $1.45 billion from its local sports acquisitions, it was partially offset by lower cricket rights costs by Star.

The note said: “Reported international advertising revenue decreased 9 per cent as the adverse impact from the strengthened US dollar and lower local currency advertising revenue at FNG International more than offset local currency advertising growth at Star.”

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